The not-so-merrry band of pin-wielders taking aim at what they fear is an inflating bubble in the developing world continues to grow. David Bonderman, founding partner of TPG Capital, used a speech in Hong Kong yesterday to issue such a warning, while a new corporate-governance report, published today, provides a timely reminder that western investors in Asia still need to keep their wits about them.

The Wall Street Journal reports this morning that Bonderman, a veteran investor in private equity, thinks the huge flows of capital to emerging markets could lead to a "crisis of expectations". He still believes there are better opportunities there than in the US and Europe, but warned investors to expect a volatile ride.